Company Valuation: Advantest Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 1,859,608 2,237,070 5,033,620 4,748,144 14,755,312 22,500,879 - -
Change - 20.3% 125.01% -5.67% 210.76% 52.49% - -
Enterprise Value (EV) 1 1,786,489 2,202,377 5,021,361 4,579,103 14,435,538 21,940,694 21,638,950 21,183,243
Change - 23.28% 128% -8.81% 215.25% 51.99% -1.38% -2.11%
P/E 21.5x 17.4x 80.7x 29.6x 39.5x 33.5x 26.7x 23.5x
PBR 6.23x 6.07x 11.7x 9.37x 18.5x 18.2x 12.2x 8.71x
PEG - 0.3x -1.6x 0x 0x 0.4x 1.1x 1.7x
Capitalization / Revenue 4.46x 3.99x 10.3x 6.09x 13.1x 12.8x 10.3x 8.83x
EV / Revenue 4.29x 3.93x 10.3x 5.87x 12.8x 12.5x 9.88x 8.31x
EV / EBITDA 13.8x 11.6x 46.6x 17.9x 27.5x 24.3x 19.1x 16.5x
EV / EBIT 15.6x 13.1x 61.5x 20.1x 28.9x 24.9x 19.2x 16.2x
EV / FCF 55.9x 50.6x 1,062x 17.1x 48.3x 43.5x 29.2x 21x
FCF Yield 1.79% 1.98% 0.09% 5.86% 2.07% 2.3% 3.42% 4.76%
Dividend per Share 2 30 33.75 34.25 39 59 88.99 109.4 148.3
Rate of return 1.24% 1.11% 0.5% 0.6% 0.29% 0.29% 0.35% 0.48%
EPS 2 112.4 174.4 84.45 218.7 515.2 927.1 1,162 1,324
Distribution rate 26.7% 19.4% 40.6% 17.8% 11.5% 9.6% 9.41% 11.2%
Net sales 1 416,901 560,191 486,507 779,707 1,128,610 1,757,163 2,191,149 2,548,746
EBITDA 1 129,702 189,083 107,732 255,236 524,732 904,452 1,130,869 1,280,225
EBIT 1 114,734 167,687 81,628 228,161 499,120 882,129 1,129,873 1,306,269
Net income 1 87,301 130,400 62,290 161,177 375,353 671,873 839,840 954,232
Net Debt 1 -73,119 -34,693 -12,259 -169,041 -319,774 -560,185 -861,928 -1,317,636
Reference price 2 2,417.50 3,040.00 6,819.00 6,472.00 20,330.00 31,080.00 31,080.00 31,080.00
Nbr of stocks (in thousands) 769,228 735,878 738,176 733,644 725,790 723,966 - -
Announcement Date 4/27/22 4/26/23 4/26/24 4/25/25 4/27/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
33.57x13.17x27.33x0.53% 236B
34.21x12.75x24.77x0.28% 150B
42.77x11.38x32.1x0.14% 59.37B
49.01x19.59x38.5x1.44% 35.9B
81.79x22.92x70.31x0.15% 24.31B
55.34x3.05x14.83x0.14% 13.12B
29.26x8.01x15.65x1.87% 10.68B
77.83x35.07x77.26x0.4% 10.44B
50.63x3.12x16.81x0.29% 8.03B
Average 50.49x 14.34x 35.28x 0.58% 60.82B
Weighted average by Cap. 39.43x 13.64x 30.06x 0.47%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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